Pretivm is creating value through gold by ramping up production of the 100%-owned Brucejack Mine.

The Brucejack Mine is a 2,700 tonnes-per-day high-grade gold underground mine located in northwestern British Columbia, approximately 65 kilometers north of Stewart. The mine began commercial operation in the summer of 2017 and produced 154,484 ounces of gold during the first six months of ramp-up.

A feasibility study completed in June 2014 and updated in December 2016 has outlined Proven and Probable mineral reserves in Brucejack’s Valley of the Kings comprising 8.1 million ounces of gold (15.6 million tonnes grading 16.1 grams per tonne gold).

Expert Comments:

"On Jan. 23, 2018, Pretium Resources Inc. announced its Q4/17 production results and provided initial guidance for 2018. . .Q4/17 production was 70,281 oz gold. . .throughput and recovery rates were both above our expectations. . .the company guided to 150–200 Koz gold production in H1/18."

Andrew Kaip, BMO Capital Markets
(1/11/18)

"Pretium Resources Inc. delivered one of the smoothest ramp-ups to commercial production in 2017 of any junior developer over the last 15 years. Despite this strong execution, the company continues to trade at a significant discount to the peer average on grade concerns."

Joe Reagor, ROTH Capital Partners
(1/1/18)

"On December 21, PVG announced that it had filed an application to increase its mill throughput from 2,700 TPD to 3,800 TPD. . .We had previously anticipated the company would file for a production rate increase and had assumed a rate of 2,900 TPD beginning in late 2018. Thus, this increase is significantly above our expectations and we view it as a major positive catalyst for PVG. . .This increase had a major impact on our DCF and as such, we are increasing our price target from $17 to $21, while reiterating our Buy rating."

"Pretium Resources Inc. has just submitted an application to the British Columbia (B.C.) Ministry of Energy, Mines and Petroleum Resources and the B.C. Ministry of Environment and Climate Change Strategy which outlines an increase in capacity at the Brucejack mill to 3,800 tpd, up from the current 2,700 nameplate. . .with an expansion, we would theoretically see a move to nearly 640 Koz/year, representing a 42% increase per year."

Andrew Kaip, BMO Capital Markets
(12/22/17)

"Pretium Resources Inc. announced that it has filed an application with the British Columbia ministries to increase Brucejack mine production rates to 3.8 Ktpd. . .the application that was submitted reflects a production rate increase to an annual average of 1.387 Mt from 0.99 Mt (3.8 Ktpd from 2.7 Ktpd), or an increase in production rates of 41%. . .the company noted that it expects the approval process to take six to 12 months."

"Pretium Resources Inc. is Bob Quartermain's super high-grade, monster-sized gold project in northern British Columbia. The stock has colorful history already, with plenty of ups and downs, but it rose about 85% from the price when the Construction Decision was announced to First Pour. In this case, that seems to be just the beginning, as the mine ramps up to expectations—and those expectations are phenomenal. It's still a great story."
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More Expert Comments

Joe Reagor, ROTH Capital Partners
(11/13/17)

"Pretium Resources Inc.'s Q3/17 results were impacted by an inventory build and one-time items, however, we were encouraged by reported cash costs. Additionally, we continue to believe the company remains undervalued and that its market value will improve as production and revenue increase over the coming quarters; thus, we are maintaining our Buy rating and $17 price target."

Andrew Kaip, BMO Capital Markets
(11/12/17)

"Pretium Resources Inc. reported adjusted earnings per share of $0.06, broadly in line with consensus and based on 55.4 Koz gold sold versus 82.2 Koz produced in Q3/17. As broadcast, the company reversed its negative working capital position recorded at Q2/17E; working capital at Q3/17E was $7.2M."

Canaccord Genuity Morning Coffee
(10/12/17)

"Shares of Pretium Resources Inc. absolutely soared on Wednesday after the company announced first pour at the high-grade underground Brucejack mine in northern British Columbia. During Q3/17, the Brucejack mine produced 82,203 oz gold."

Joe Reagor, ROTH Capital Partners
(10/11/17)

"On Oct. 11, 2017, PVG announced its first full quarter production results from its Brucejack mine; results were well above expectations, and we believe this underscores our prior belief that Brucejack is a world-class, high-grade mine and that the company is significantly undervalued. Thus, we are increasing our price target from $16 to $17 and reiterating our Buy rating."

Andrew Kaip, BMO Capital Markets
(10/11/17)

"Pretium Resources Inc. reported Q3/17 Brucejack gold production of 82.2 Koz gold, solidly beating our estimate of 71.4 Koz gold on higher grade and tons processed. We would be buyers on this news."

Eric Zaunscherb, Canaccord Genuity
(10/11/17)

"Pretium Resources Inc. released Q3/17 production results this morning, which highlight the company's quicker-than-expected ramp-up; 107,595 oz of gold have been produced to date, including 82,203 this past quarter. . .mill performance is outpacing nameplate capacity while recoveries are higher than expected."

Eric Zaunscherb, Canaccord Genuity
(9/27/17)

"This is an opportune time to build a position in Pretium Resources Inc. as we believe at current levels the stock is undervalued. . .we have added the company to the Canaccord Genuity Canadian Focus List as one of our top industry picks."

Eric Zaunscherb, Canaccord Genuity
(9/21/17)

"Pretium Resources Inc. is continuing to fire on all cylinders, as is apparent from the latest update in which the company announced production ramp-up is progressing strongly at the flagship Brucejack gold mine. . .positive working capital is expected by Q3/17E. . .Q3/17 production results will be announced in October, and we expect the company to continue to outpace many people's expectations."

Eric Zaunscherb, Canaccord Genuity
(9/21/17)

"Pretium Resources Inc. is continuing to fire on all cylinders, as is apparent from the latest update in which the company announced production ramp-up is progressing strongly at the flagship Brucejack gold mine. . .positive working capital is expected by Q3/17E. . .Q3/17 production results will be announced in October, and we expect the company to continue to outpace many people's expectations."

Andrew Kaip, BMO Capital Markets
(9/21/17)

"Pretium Resources Inc.'s ramp-up at Brucejack continues to progress well, with the mill running exclusively on stope ore and an increase in production contributing to an expectation of positive working capital by the end of the quarter. . .overall gold recoveries are currently exceeding 95%, approaching design levels."

Joe Reagor, ROTH Capital Partners
(8/18/17)

"We had three key takeaways from our site tour to Pretium Resources Inc.'s Brucejack mine. First, we were impressed by the work the company has done to complete construction and ramp production rates to nameplate capacity; second, we believe there is potential for expansion perhaps as soon as 2019; lastly, we believe Pretium is poised to demonstrate steady state production rates by 2017E."

Eric Zaunscherb, Canaccord Genuity
(8/17/17)

"We are reiterating our recently increased CA$18.50 target price and Speculative Buy rating on Pretium Resources Inc. following a recent positive site tour, which has reinforced our confidence in the ramp-up process. The company has made encouraging progress in processing plant optimization, mining rates and grade control while eyeing organic growth. . .recent share price weakness delivers a notable investment opportunity ahead of steady-state production."

Heiko Ihle, H.C. Wainwright & Co.
(8/17/17)

"While the decline and the mill foundation were still being finished last time we visited Pretium Resources Corp.'s Brucejack property, the project has now become a mine, in our view. The management team has clearly put a great deal of time and money into the site. . .while we expect minor hiccups during the ramp-up of production, we do not anticipate any major issues."

Jeff Killeen, CIBC World Markets
(8/16/17)

"Pretium Resources Corp.'s Brucejack asset showed well on the first of three days of site tours this week. . .the successful mill ramp-up has the company already contemplating a throughput increase up to >3 Ktpd within the next 18 months. Management indicated current recoveries are in the 90% range and anticipate the mine will be free cash flow positive by Q4/17."

"If we're talking high-grade gold, we can't leave out Pretium Resources Inc. and its Brucejack project up in the Golden Triangle in British Columbia. . .Pretium recently announced commercial production at Brucejack. The mine is high grade, but also has size. There have been gold mines in the Golden Triangle, which used to be quite an active mining area, with higher grades, but none of them was nearly as large as Brucejack. It will be interesting to see how that one plays out. Of course, there was some controversy over the resource and whether the grades hold up. Now Pretium is feeding ore into the mill. So that'll be a good one to watch for the coming years."
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Heiko Ihle, H.C. Wainwright & Co.
(8/14/17)

"Pretium Resources Inc.'s throughput at Brucejack continued to improve in July, with the processing plant operating at 99.9% of its monthly capacity; this resulted in 16,822 oz gold produced from low-grade stockpiles, development ore and initial stope ore in July. We note that a total of 25,392 oz gold was produced during the two months of commissioning."

Eric Zaunscherb, Canaccord Genuity
(8/11/17)

"We are increasing our target price on Pretium Resources Inc. to CA$18.50 from CA$17.50. . .the ramp-up at Brucejack is progressing faster than we expected. . .we would not be surprised to see the mill outperform nameplate capacity, and the mine appears to be prepared to keep ahead of the hungry mill."

Andrew Kaip, BMO Capital Markets
(8/10/17)

"Pretium Resources Inc. looks to be off to a good start with ramp-up at Brucejack. . .gold production appears to be on the rise based on July production, and with processing moving to stope ore in August, monthly gold production should rise further. We like the trajectory for production and reiterate our Outperform rating and, yes, an 81% expected return to target price."

Joe Reagor, ROTH Capital Partners
(7/6/17)

"On July 3, 2017, Pretium Resources Inc. announced that the Brucejack mine had achieved commercial production during the month of June 2017. . .we believe the company is poised for a number of significant catalysts over the remainder of 2017 including: production results in Q3, achieving nameplate capacity, potential to exceed nameplate capacity and an anticipated rerating as a producer. Thus, we are reiterating our Buy rating."

Heiko Ihle, Rodman & Renshaw
(7/6/17)

"On July 3, 2017, Pretium Resources Inc. announced the beginning of commercial production at its Brucejack mine. . .we remain impressed with management's ability to accelerate and complete commissioning of the site on time, as well as their efforts to begin commercial production in a smooth fashion."

Andrew Kaip, BMO Capital Markets
(7/4/17)

"Pretium Resources Inc. announced that it declared commercial production at its Brucejack mine, a full quarter ahead of our estimate. The focus for the company now turns toward troubleshooting in the plant, ramping up to full design rates and moving toward reserve grade."

Jeff Killeen, CIBC World Markets
(7/4/17)

"Pretium Resources Inc. declared commercial production at the Brucejack mine on July 3, which is slightly earlier than our expectation of mid-Q3/17. The company noted the plant operated at an average of ~87% of nameplate capacity of ~2,700 tpd in June. . .Pretium signaled that 'higher grade ore' is now being fed through the plant."

Eric Zaunscherb, Canaccord Genuity
(7/4/17)

"Yesterday, Pretium Resources Inc., the British Columbia-based company, announced that commercial production had been achieved at its high-grade Brucejack project. . .the company waited only three days into H2/17 to deliver the exciting news, saying in a release yesterday that over 70 Kt ore had been processed at Brucejack during the month of June."

Eric Zaunscherb, Canaccord Genuity
(6/21/17)

"Yesterday Pretium Resources Inc. announced it had poured its first gold from the Brucejack project; this is a major milestone for the company as it has been working diligently to bring the project into commercial production, a declaration expected in the back half of this year. Pretium also announced that the flotation and gravity circuits at its newly constructed mill are in operation, with gold-silver flotation concentrate production underway and shipment forthcoming."

Andrew Kaip, BMO Capital Markets
(6/21/17)

"Pretium Resources Inc. announced that it poured first gold at its Brucejack mine. The focus for the company now turns towards the ramp-up to commercial production, and while we model a declaration for the end of Q3/17, Pretium could declare commercial production earlier than expected."

"An example of a company just about to complete its run up the Golden Runway is Pretium Resources Inc., Bob Quartermain's monster-sized, super-high-grade gold play in British Columbia. What's interesting is that it's on the verge of pouring its first bar of gold, but the stock has not yet risen as much as we'd expect. That's despite the company completing construction ahead of schedule. The reason is that because the deposit is so exceptional, Pretium has done some things differently. This has some critics saying the mine will not produce as much gold as projected. But Pretium's bulk sample produced something like 60% more gold than was expected based on the model. That tells me that the company was not being risky or cavalier; in fact, it was being conservative. We're about to find out if I'm right. So, instead of production being the end of the story for this company, I see it as a beginning."
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Eric Zaunscherb, Canaccord Genuity
(5/1/17)

"Pretium Resources Inc. will have much of the execution risk associated with mine building behind it over the next few months, likely making the current share price lull an attractive opportunity. . .in our view, the company should have ample financial resources to later in 2017."

Joe Reagor, ROTH Capital Partners
(5/1/17)

"Pretium Resources Inc. specifically stated that wet commissioning at Brucejack was nearing completion and that it had begun introducing ore into the process. Additionally, the company stated that underground infrastructure construction was close to fully complete and commissioned. . .we believe Brucejack will begin initial gold production in the coming weeks and that it will steadily increase production over the remainder of 2017."

Andrew Kaip, BMO Capital Markets
(5/1/17)

"Pretium Resources Inc. highlighted that it remains on track for the production of gold concentrate and doré in the coming weeks. . .the test stope is ready for production and four other production stopes are being drilled. Handover from the construction team to the operations crew has been completed."

Byron King, Gold Speculator(4/11/17)

"We're right on the cusp of Pretium Resources Inc. moving to production here. . .it won't be long before the company is up and running as a true gold producer. . .over time, and as gold prices rise, Pretium is highly leveraged to the upside."

Andrew Kaip, BMO Capital Markets
(4/3/17)

"Pretium Resources Inc. announced that the 57 km transmission line connecting the Brucejack mine to the British Columbia hydro power grid was completed on March 21 and was energized on March 31. . .we view the completion and energizing of the transmission as a positive development for the company, which will provide lower cost power to operations."

Byron King, Gold Speculator(3/28/17)

"Pretium Resources Inc. is already mining ore to create a stockpile for the mill; we're looking for final checkouts and to get the mill up and running. Then the company will begin to transition from advanced-stage developer to a full-fledged producer, with cash flow from sale of gold. . .over time, and as gold prices rise, Pretium is highly leveraged to the upside."

Heiko Ihle, Rodman & Renshaw
(3/8/17)

"Pretium Resources Inc. continues to advance its high-grade Brucejack project toward production while minimizing the impact from the very few issues, notably the power line, that did not go as planned. In our opinion, the heavy lifting with regard to the project has been completed, and we expect to see the commissioning of Brucejack next month."

Andrew Kaip, BMO Capital Markets
(2/28/17)

"Pretium Resources Inc. is nearing completion of construction at Brucejack, with commissioning on track for early April 2017. All major components have been delivered to site, and the company has over 130 Kt ore stockpiled on surface and underground."

Jeff Killeen, CIBC World Markets
(2/14/17)

"We are resuming coverage of Pretium Resources Inc. with the completion of the US$100M aggregate principal convertible senior subordinated notes, which included the overallotment option of US$10M. . .commercial production [at Brucejack] in early Q3/17 seems likely with development on track and process plant construction ~2 months ahead of schedule."

Andrew Kaip, BMO Capital Markets
(2/14/17)

"Pretium Resources Inc. closed its convertible notes offering for gross proceeds of US$100M. The company intends to use the proceeds for working capital during start-up of the Brucejack mine and for general corporate purposes. . .as PVG anticipates dry commissioning of the mill in March and wet commissioning in April, we now forecast the company to have adequate capital resources, including the remaining portion of its undrawn credit facility, to fund the remainder of capital construction as well as the required working capital during start-up."

Heiko Ihle, Rodman & Renshaw
(2/6/17)

"Pretium Resources Inc. announced that commissioning of its high-grade Brucejack gold project is expected to occur ahead of schedule. . ..we highlight that the updated timeline is ahead of our estimate for mid-year commissioning; therefore, we are increasing our gold production estimate for the year to just shy of 120 Koz from just over 93 Koz ounces."

Joe Reagor, ROTH Capital Partners
(2/5/17)

"Pretium Resources Inc. provided an update on its Brucejack project; the project is ahead of schedule with dry commissioning expected in March and wet commissioning expected in April. Previously, the company had estimated a mid-2017 commissioning of the mill, making this a two- to four-month improvement, in our view."

Jeff Killeen, CIBC World Markets
(2/3/17)

"Construction and commissioning of Pretium Resources Inc.'s Brucejack is two to three months ahead of schedule. . .some of the extra spending has resulted in being ahead of schedule on a number of items, and the company plans to now be commissioning the process plant in early April versus late Q2 previously. It was noted that underground development remains on track and that ~100 Kt ore has been stockpiled ahead of commissioning."

Eric Zaunscherb, Canaccord Genuity
(2/3/17)

"Pretium Resource Inc. released a project update on the high grade underground Brucejack gold project. . .with news of cost overruns out of the way, a major component of execution risk is now out of the way and priced in, potentially creating an attractive entry point. . .management notes that its financial resources are sufficient to complete construction and commissioning."

Andrew Kaip, BMO Capital Markets
(2/3/17)

"With Pretium Resources Inc.'s project advancing ahead of schedule, the company now anticipates dry commissioning of the mill to take place in March 2017 with wet commissioning slated for early April; previously, Pretium had been targeting mid-2017. Positively, it looks well positioned to begin commissioning with underground development progressing well and 100 Kt ore stockpiled on surface."

Byron King, Gold Speculator(1/31/17)

"Pretium Resources Inc. is at the point of making final efforts to begin active mining. . .the project is derisked and thus presents limited downside and excellent upside in an eventual rising gold price environment. The company is cashed up and has ample credit if cash runs short."

Byron King, Gold Speculator(1/10/17)

"Pretium Resources Inc. offers bonanza-grade gold potential, moving toward production in 2017. . .this is the year when cash starts flowing. . .the key gold mining project is de-risked, and thus presents limited downside and excellent upside in an eventual rising gold price environment. . .Pretium is cashed up and has ample credit if cash runs short. Management is outstanding. . .Pretium’s share price will doubtless drift up and down with sector sentiment. . .still, over time, and as gold prices rise, Pretium is highly leveraged to the upside. Maintain buy on PVG up to $11.00 per share."

Andrew Kaip, BMO Capital Markets
(1/9/17)

"We are initiating coverage of Pretium Resources Inc., a fully funded developer poised to bring one of the highest grade gold deposits toward production during H2/17; an Outperform (Speculative) rating for shares of PVG is supported by relative valuation, asset quality, development stage, financing level, and "safe haven" status. . .the Brucejack mine is forecast to deliver annual gold production of +400koz/year over an approximately 20-year mine life based on an 8.7Moz reserve. . .the Brucejack project is fully funded through the end of construction and we expect the company to begin producing first gold in Q3/17."

Byron King, Gold Speculator(12/20/16)

"Pretium Resources Inc.'s current share price is below Brexit levels and an excellent opportunity for long-term holders. Last week, Pretium released stunning news about its work in the Valley of the Kings region of British Columbia. . .proven mineral reserves increased to 1.6 Moz gold—this is sufficient to complete all requirements for the first three years of mine life. . .Pretium offers bonanza-grade gold potential, moving towards production in 2017, the project is de-risked. . .Pretium is cashed up and has ample credit if cash runs short and management is outstanding."

Heiko Ihle, Rodman & Renshaw
(12/16/16)

Pretium Resources Inc. management highlighted it was able to complete the exterior construction of the mill building in October [for Brucejack]. . .Brucejack has been derisked from a financial point of view, as all of the required capital necessary to reach production has been secured. . .construction has continued to progress without major hiccups—an impressive accomplishment on management's part. . .we continue to believe commissioning should occur towards mid-2017, with 2018 serving as the first full year of production at the large-scale high-grade gold project."

Jeff Killeen, CIBC World Markets
(12/15/16)

Pretium Resources reported an updated Valley of the Kings Reserve estimate for the Brucejack project in British Columbia, which includes an increase of ~17% in Proven and Probable gold ounces on the back of the detailed infill program from the past year. . .the reserve update implies our life-of-mine model will increase by >2 years. . .the overall reserve grade has increased by ~3% and the increased ounces and mine life increase our NAV by ~5%. . .we continue to rate PVG as Outperformer."

Joe Reagor, ROTH Capital Partners
(12/15/16)

"Pretium Resources Inc. provided an updated reserves estimate for its flagship Brucejack project. . .we believe the reserve updated was an anticipated positive and that the management change was a logical progression as the company moves towards production. . .proven and probable reserves increased from 6.9 Moz in the June 2014 feasibility study to 8.1 Moz . .the company also announced that current CEO Robert Quartermain would be transitioning to the role of Executive Chairman and that Joseph Ovsenek would assume the role of President and CEO. . .we view this transition as a logical step."

Eric Zaunscherb, Canaccord Genuity
(12/15/16)

"We are maintaining our SPECULATIVE BUY rating on Pretium Resources Inc. but reducing target price to C$15.00 from C$17.00. . .Pretium is trading at 0.62x P/NAV(5%). . .this is a premium to the mean of peer-covered exploration and development companies of 0.35x but a significant discount to the mean of covered small- to mid-cap producers of 0.74x. The target price reflects the positive change to mineral reserves at the company's wholly owned Brucejack high-grade underground gold project in northwestern British Columbia, offset by the significant reduction in forward curve-driven gold pricing."

Heiko Ihle, Rodman & Renshaw
(11/7/16)

"Pretium Resources Inc.'s drill program achieved its goal of increasing Measured and Indicated resources, which now stand at 16.4 million tonnes grading 17.2 g/t gold for a total of 9.1 million ounces of gold. . .management continues to conduct regional grassroots exploration efforts, which we think could bear fruit in the future. . .Brucejack's increased resource base now firmly positions the project as one of the world's premier large-scale, high-grade, undeveloped gold projects that still maintains significant expansion potential. . .We are reiterating our Buy rating and $16.50/share price target."

Eric Zaunscherb, Canaccord Genuity
(11/4/16)

"We expect Pretium Resources Inc. to continue to re-rate as 500,000oz/a
gold production is delivered by late 2017, ultimately attracting a premium valuation given Brucejack’s projected scale, profitability and strong exploration upside, as well as low sovereign risk. . .working capital at 30 September was $153M, sufficient for all development work plus the first three months of working capital. . .Pretivm is trading at 0.64x normalized P/NAV(5%) as compared to the 0.79x mean for covered small-to mid-cap gold producers. . .we are maintaining our C$17.00 target price and SPECULATIVE BUY rating on Pretium Resources(Pretivm)."

"Pretium Resources Inc. is a very interesting developer. Over the last few years as the gold market turned down, it was up against the wind developing its deposit in the Valley of the Kings in northern British Columbia. There's been a lot of criticism of the project, but I'm very hopeful and excited to watch as it goes into commercial production in the next year. It has identified amazing grades. I feel very comfortable that it is going to achieve its objectives. We might see sporadic production over the years because of the nature of that deposit and the nature of the high grade there, but I'm quite optimistic that it'll work out well. I think the naysayers will be humbled in due course but there probably will be ups and downs along the way, which will make it exciting for investors if they like to trade. . .as much as the mine management team is well prepared for operating in difficult weather conditions and mining a high-grade deposit with relatively narrow veins, there will likely be periods when operations don't go as planned. And yet, it is an amazing ore deposit, which in time should yield tremendous value."
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Eric Zaunscherb, Canaccord Genuity
(8/31/16)

"We recently completed a site visit to Pretium Resources Inc.'s Valley of the Kings high grade underground gold deposit. . .mineralization is hosted in a relatively complex epithermal system ~188-183Ma overprinted or remobilized on a 110Ma deformation event. Key individual veins are fairly continuous and traceable between levels. . .geologists have been experimenting with various proxy indicators but a powerful indicator has emerged recently. A package defined by anomalous Fe/S/As demonstrates excellent predictability for higher grade, leading to the potential for geologists to map and guide mine development with handheld spectrometers to minimize dilution and maximize head grade."

Chen Lin, What Is Chen Buying? What Is Chen Selling?(8/29/16)

"I visited Brucejack of Pretium Resources Inc. last week. . .in general the construction is going very well. Though the management maintains the message of commercial production around mid of 2017, they are set to have everything ready by the end of the year; I won't be surprised if they start turning the mill and producing some gold either the end of this year or early next year, ahead of schedule. . .when I asked management for comments on my observation, the official answer I got was 'due to favorable weather condition and dedicated workforce, we are slightly ahead of schedule.'"

Joe Reagor, ROTH Capital Partners
(8/26/16)

"ROTH attended a site visit to Pretium Resources Inc.'s Brucejack project in northern British Columbia, CA. We came away impressed with the progress since our last site visit in August 2014 and believe the company is comfortably on schedule for commissioning in mid-2017. . .management was clearly confident in being able to meet its public time frame. . .but they did not suggest they were ahead of schedule. . .we continue to believe that PVG is on schedule and on budget to enter production in 2017, with mine commissioning in mid-2017."

Jeff Killeen, CIBC World Markets
(8/24/16)

"Pretium Resources Inc.'S team on site noted that the point where ore domains are being intersected in underground development are matching well with the current resource model and detailed drilling. On the back of this confirmation work an updated reserve estimate and mine plan are expected for release in late Q4/16. . .PVG notes that it remains on time and on budget for a production start-up in late H1/17. . .We have increased our price target to $15 (from $14) as PVG continues to track well towards production and reach key development milestones."

Heiko Ihle, Rodman & Renshaw
(8/24/16)

"We think Pretium Resources Inc.'s Brucejack should be constructed on schedule and continue to view the asset as one of the world's premier development-stage gold assets. . . At the 1350 Level, we saw a number of samples that contained visible electrum. . .We highlight that electrum generally contains 20-80% silver and 20-80% gold, with trace amounts of other metals such as platinum and copper. . .In our view, Brucejack has been derisked from a financial standpoint, since the project should not require additional capital to reach the production stage. . .We are reiterating our Buy rating and $16.50 per share price target on Pretium Resources."

"I own companies that were building new mines during the downturn and are now finishing them or are close to finish them, including Pretium Resources Inc. Now everyone wants to build the next new gold mine. But during the downturn, only the best deposits were put into production. Pretium is finishing up a world-class mine in northern British Columbia. It should start pouring gold next year, 500,000 oz/year (500 Koz) at costs well below $500/oz."
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Heiko Ihle, Rodman & Renshaw
(7/22/16)

"Pretium Resources Inc. announced an updated resource estimate for its Valley of the Kings deposit. The updated resource comes on the heels of the recently completed 2015-2016 infill drilling program at Brucejack. . .the program included 367 drill holes with a total of 63,740 meters of drilling. This resulted in Measured resources reaching 1.9 million ounces—a 58% increase over the previous resource estimate. . .we believe the infill drilling program provides clarity with respect to the tonnage included in the early years of the mine life. . . Brucejack has been de-risked from a financial standpoint."

Joe Reagor, ROTH Capital Partners
(7/21/16)

"Pretium Resources Inc. announced an updated resource estimate for the Valley of the Kings deposit. The updated resource was slightly larger than the previous resource estimate and confirmed the high-grade nature of the deposit, in our view. . .the M&I resource increased from 8.7 Moz to 9.1 Moz due to an increase of 1.1 million tonnes of ore. . .we continue to believe that the key purpose for PVG's aggressive underground drilling program is to improve the company's ability to provide guidance once in production."

Eric Zaunscherb, Canaccord Genuity
(7/21/16)

"We are increasing our target price on Pretium Resources Inc. (Pretivm) to C$17.00 from C$15.50. . .the increased target price reflects a stronger price deck and confidence from the updated mineral resource estimate released this morning for the Valley of the Kings high grade underground gold deposit on the wholly owned Brucejack project in northwestern British Columbia. . .Pretivm trades at a significant discount to the 0.82x mean for covered small- and mid-cap producers."

"Pretium Resources Inc. is still a year away from first production at Brucejack. . .underground infill drilling continues as Pretium probes the initial stope areas closely to develop accurate resource models. That means the market is getting continual reminders of just how high-grade the ore is at Brucejack (latest results included 150 g/t gold over 31 metres); that can't but help. . .takeover speculation will also continue."

Heiko Ihle, Rodman & Renshaw
(6/1/16)

"Pretium Resources Inc. announced the completion of its infill drilling program at its wholly-owed Brucejack Project. . The program totalled 63,444 meters over a total of 364 holes including 49 intersections grading over 1,000 g/t gold. . High-grade mineralization confirmed by strong results. . . We note that the infill program continued to intersect high-grade mineralization at the Valley of the Kings. . .We highlight hole VU-746, which returned 149.95 g/t gold over 31.0 meters, including 9,200 g/t gold over 0.50 meters. . .We are reiterating a Buy rating and $14.10 per share price target on Pretium Resources. "

Eric Zaunscherb, Canaccord Genuity
(5/31/16)

"Pretium Resources Inc. reported the tenth and last batch of drill results from its high grade underground Valley of the Kings development (VoK) in northwestern British Columbia. . .The release is highlighted by six 0.5m-intersections that returned gold grades north of 1,000 g/t Au; the entire program returned 49 similar intervals. . .at the end of Q1 2016, Pretium had cash and cash equivalents of
$480 million. . .with cash on hand, the completion of a US$130 million equity offering (March 2016), and subsequent US$16 million participation of certain holders, the US$697 million estimated development cost of the Brucejack project is fully funded."

Gwen Preston, Resource Maven(5/20/16)

"Pretium Resources Inc. has completed the infill drill program at its under-construction Brucejack project in British Columbia; the program tested an area roughly 200 metres vertical by 250 metres strike, at 7.5 to 10-metre centres, in order to develop a very good understanding of the first tonnes to be mined. . .with the program now complete a new resource estimate is underway, expected in the third quarter. In general results were in line with expectations, confirming the style and grade distribution of the resource model."

Heiko Ihle, Rodman & Renshaw
(5/16/16)

"Pretium completed a $146.2 million capital raise. . .we expect the firm’s focus to shift towards construction of the project, while continuing its efforts towards infill drilling for areas expected to be mined during earlier parts of the mine life. . .we expect the fully funded Brucejack Project to be moved across the construction finish line and to enter production in 2H17. . .we are reiterating our Buy rating."

Eric Zaunscherb, Canaccord Genuity
(5/12/16)

"We are maintaining our CA$12 target price and Speculative Buy rating on Pretium Resources Inc. . .the company's ninth set of drill results is headlined by a 37,000 g/t gold intersection at Pretium's high-grade underground Valley of the Kings development in northwestern British Columbia. . . management recently re-iterated the project remains both
on-schedule and on-budget for commissioning in the middle of 2017. . .at year-end, Pretium had cash and cash equivalents of US$388M
and working capital of US$360M."

"We like Pretium Resources Inc. because it has very high-quality assets with a large number of gold ounces, high grade, in a good jurisdiction and has a solid management team with a proven track record. If a company has those things, then it's in position to turn it into a world-class producing asset. . .Pretium's recent drill results are a further confirmation of what everyone sees in that deposit. It's essentially a low-grade halo around some record-high gold intercepts over very short lengths, sub-5 meter intercepts, sometimes sub-1m intercepts of apparently significant high-grade gold. Having been underground at that deposit, I saw spots in the wall where a drill hole missed by two or three inches what would have been a significant high-grade intercept. Instead, it shows up as just a low-grade intercept. So the point of Pretium's infill drilling is to delineate as much as it can ahead of time an estimate of what production might look like, so that it can provide reasonable guidance to the market once it's in production sometime next year. One of the concerns that a lot of people still have is it will be very difficult to put a range on what production will be, given the highly variable nature of the deposit. That's why it's still doing additional drilling, even as it brings it into development."
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Eric Zaunscherb, Canaccord Genuity
(4/28/16)

"Pretium Resources Inc.'s wholly owned Brucejack high-grade underground gold mine in northwestern British Columbia is proceeding on schedule and on budget. . .the June 2014 feasibility study projects 504 Koz/a gold production in years 1 to 8 or 404 Koz/a life of mine (LOM). LOM AISC is estimated at $448/oz. . .the company continues to project achievement of commercial gold production at Brucejack in 2017, having already received a positive Environmental Assessment Decision Statement from the Federal Minister of the Environment in July 2015 and all required provincial permits."

Gwen Preston, Resource Maven(4/27/16)

"Drill results from Pretium Resources Inc.'s underground infill program at Valley of the Kings generally confirm the kind of mineralization we’ve come to expect from Valley of the Kings, which includes some very high grade hits and visible gold. This set of results, for instance, included five intersections grading greater than 1,000 g/t gold. . .there are questions about how continuous the mineralization is along each vein and whether the nuggety-ness of the gold will cause problems around head grades or recoveries—this kind of intense and focused drill program is the best way to allay such concerns."

Eric Zaunscherb, Canaccord Genuity
(4/26/16)

"This morning, Pretium Resources Inc. released the eighth set of drill results from its high-grade underground Valley of the Kings mine, Brucejack project. . .today's results are highlighted by 38m grading 59 g/t Au, 19m grading 86 g/t Au, 9.5m grading 56 g/t Au and 15m grading 68 g/t Au (all uncut). . .management highlights that these results continue to support the style and distribution of gold mineralization previously seen at VoK. . .we remind investors of Brucejack's completed feasibility study, successful bulk sampling program and tight infill drill spacing that have all played a large part in confirming (and continuously reconfirming) the geologic model."

Heiko Ihle, Rodman & Renshaw
(4/19/16)

"On April 18, Pretium Resources Inc. announced a construction update for its Brucejack project. The high-grade gold project remains on-schedule to begin commissioning around the middle of 2017, with 2018 serving as the first full year of production. . .we feel the project has been almost completely de-risked from a financial standpoint, as all of the required capital to reach production has been secured, and we do not expect additional funds to be needed. Furthermore, we continue to view Brucejack as one of the world's top development-stage gold assets and believe first production should be reached in H2/17."

Eric Zaunscherb, Canaccord Genuity
(4/18/16)

"Pretium Resources Inc. announced an update from ongoing development at its high-grade, underground Valley of the Kings mine at the Brucejack project in northwestern British Columbia. Management reiterated the project remains both on-schedule and on-budget for commissioning in the middle of 2017. . .the $697M estimated development cost of the Brucejack project is fully funded."

Gwen Preston, Resource Maven(4/13/16)

"Pretium Resources Inc. popped this week, jumping from $7.20 to $8.45. The reason is that the Stansberry group included the company in a big promotional push. . .I still like the story but I would recommend selling part of your holding to take advantage of this price pop."

Eric Zaunscherb, Canaccord Genuity
(4/5/16)

"Pretium Resources Inc. released the latest (seventh) round of results from the ongoing infill drill program on the high-grade underground Valley of the Kings mine, Brucejack project, northwestern British Columbia. . .the results released today from 44 holes contribute to the 231 holes (41,118 m) completed in total in the program to date; six intersections released exceeded 1,000 g/t gold. . .management views the results as confirming the style and grade distribution modeled at Valley of the Kings. . .we are maintaining our CA$12 target price and Speculative Buy rating."

Eric Zaunscherb, Canaccord Genuity
(3/14/16)

"In separate releases this morning and last week, Pretium Resources Inc. announced that major shareholders Zijin Mining and Orion Co-Investments II were exercising their respective rights to maintain their pro rata interests in the company of 9% and 5%, respectively. Consequently, the recent equity offering and exercises of participation rights will have raised gross proceeds of $146M by issuing 31.9M shares at $4.58/share. . .with the $540M financing package announced in Sept. 2015 and the Feb. capital expenditure update, management had estimated a funding gap of $100M. This gap has been fully addressed. . .virtually eliminating project finance risk."

Heiko Ihle, Rodman & Renshaw
(3/10/16)

"Pretium Resources Inc.'s recent drill results continue to impress, as high-grade gold continues to be uncovered at the project site; we highlight hole VU-565, which returned 206.2 g/t gold over 17m. . .Pretium continues to successfully advance the high-grade Brucejack project toward production while infill drilling select areas. . .for the remainder of the year, management expects to finish the construction of the mill, continue underground development, continue an in-fill underground drill program and undertake some grass-roots exploration drilling. . .we continue to view Brucejack as one of the world's premier development-stage gold assets and believe production remains achievable by H2/17."

Eric Zaunscherb, Canaccord Genuity
(3/3/16)

"We increase our target price on Pretium Resources Inc. to CA$12 from CA$11.50, reflecting a recent equity raise that 'fills the funding gap' to complete construction of its Brucejack high-grade underground gold mine. . .we are adding the company to the Canaccord Genuity Canadian Small Cap Focus List seeking to capture the potential rerating as it delivers commercial production at the Brucejack project."

Gwen Preston, Resource Maven(2/24/16)

"Notably, Pretium Resources Inc. is at a down point. . .I would say odds of the company regaining its 52-week average price of $7.09 are very good. I also think odds are good that Pretium will overshoot the average, especially if gold continues to perform through Q1/16."

Heiko Ihle, Rodman & Renshaw
(2/18/16)

"On Feb. 17, Pretium Resources Inc. announced several updates for its high-grade Brucejack project. . .capital costs at Brucejack were lowered from the initial June 2014 feasibility study of $746.9M, which was calculated at a 0.92 CA$/US$ exchange rate. We highlight that the updated capital cost estimate of $640.8M is in-line (and actually slightly beyond) our previous estimate of $650M. . .construction is proceeding on schedule. . .we are reiterating our Buy rating on the company's stock while increasing our price target to $14.50/share from $13.20/share. . .we believe the project should reach commercial production sometime in H2/17."

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